CBOE · 10-K filed 20 Feb 2026 · year to 31 Dec 2025

Cboe Global Markets

37 named things its latest annual report says its results depend on, each in the company's own words. 18 of them are also named by other companies we've read.

Read the filing on SEC.gov ↗

Customers

Top ten customers

earns from · approximately 57% of our revenuesnamed as a risk

For example, in 2025, our top ten customers accounted for approximately 57% of our revenues.Risk factors (Item 1A)

Also named by BGC, CVLG, ENTG, FBIN, HUBB, LPX, MEDP, MU and 9 more

OCC clearing members (three largest)

concentrated in · approximately 71% of transaction and other fees collected through OCCnamed as a risk

Three clearing members accounted for approximately 71% of transaction and other fees collected through OCC in 2025.Risk factors (Item 1A)

Suppliers

Options Clearing Corporation (OCC)

depends on · approximately 69% of our net transaction and clearing feesnamed as a risk

In 2025, approximately 69% of our net transaction and clearing fees were generated by options and futures that were cleared through OCC.Risk factors (Item 1A)

Also named by SCHW

Third-party cloud service providers

depends onnamed as a risk

We utilize third-party cloud service providers to maintain secondary offsite backups of our and our customers' data and to distribute real-time data, and we may utilize third-party cloud service providers in the future for additional services.Risk factors (Item 1A)

Also named by AXON, PANW, PDFS, U

National Securities Clearing Corporation (NSCC)

depends onnamed as a risk

National Securities Clearing Corporation (“NSCC”), a subsidiary of the DTCC, is the sole provider of clearing on our U.S. listed equity exchanges.Business (Item 1)

Also named by HOOD

Canadian Depository for Securities (CDS)

depends onnamed as a risk

The Canadian Depository for Securities (“CDS”) is the sole provider of clearing on all equities transactions occurring on Cboe Canada.Business (Item 1)

BofA Securities

depends onnamed as a risk

BofA Securities, Inc. (“BOA”) is the sole provider of clearing on all equities transactions occurring on BIDS Trading.Business (Item 1)

ASX Clear Pty Ltd

depends onnamed as a risk

ASX Clear Pty Ltd acts as a central counterparty on all transactions occurring on Cboe Australia.Business (Item 1)

LCH

depends onnamed as a risk

Cboe Europe Equities relies on LCH Limited and LCH SA (“LCH”), Cboe Clear Europe, and SIX x-clear Ltd (“SIX x-clear”) to clear trades in exchange traded products as part of an interoperable clearing model.Business (Item 1)

Wedbush Securities

depends onnamed as a risk

With respect to routed U.S. equity transactions, Cboe Trading has counterparty credit risk exposure to Wedbush and Morgan Stanley related to clearing until the trade has been processed and validated by the NSCC on the trade date.Risk factors (Item 1A)

Morgan Stanley

depends onnamed as a risk

Morgan Stanley clears trades routed through the Morgan Stanley routing brokers and also clears executions routed to most dark pools.Risk factors (Item 1A)

Fixed Income Clearing Corporation (FICC)

depends on

FICC GSD acts as a central counterparty on all transactions occurring on Cboe Fixed Income and, as such, guarantees clearance and settlement of all of those matched trades.Business (Item 1)

Also named by CME, NLY, STT

Partners and platforms

S&P Dow Jones Indices

depends on · approximately 68% of our total revenues less cost of revenues were generated by the options and futures segmentsnamed as a risk

The loss or limited use or change in the commercial terms of any of our exclusive index licenses, especially for the S&P 500 Index, for any reason could have a material adverse effect on our business and profitability.Risk factors (Item 1A)

Also named by MSCI

FTSE Russell

depends onnamed as a risk

We hold exclusive licenses to list securities index options on the S&P 500 Index, the Russell 2000 Index, and other indices granted to us by the owners of such indices, and additionally hold exclusive rights to our proprietary VIX Index methodology that provides the basis for VIX options and futures.Risk factors (Item 1A)

Also named by CME, MSCI, TW

OPRA

depends onnamed as a risk

If any of them were unable to provide this information for a sustained period of time, we may be unable to offer trading on our options and equities markets.Risk factors (Item 1A)

Other companies

Cboe Clear Europe clearing member collateral

insures or lends to · $1,617.0 millionnamed as a risk

Cboe Clear Europe, as of December 31, 2025, held $1,617.0 million of clearing member margin deposits, clearing funds, and interoperability funds which are held or invested primarily to provide security of capital while minimizing credit, market, and liquidity risks.Market risk (Item 7A)

S&P 500 Index

earns fromnamed as a risk

The SPX options we offer on the S&P 500 Index are exclusive to Cboe and contribute substantially to our volumes and transaction fee revenues.Business (Item 1)

Also named by FNF, LNC, RLI, UHAL/B

Chicago Mercantile Exchange

depends onnamed as a risk

For example, in November 2025, trading of futures and options on the Chicago Mercantile Exchange was halted by a data-center fault, resulting in disruptions to markets across equities, foreign exchange, bonds, and commodities.Risk factors (Item 1A)

Also named by SLM

Cboe Australia and Cboe Canada divestiture

named as a risk

For example, we have announced the wind down of our Japan equities business, initiated sale processes for our Australia and Canada equities businesses and, subsequent to December 31, 2025, announced the wind down of CEDX.Risk factors (Item 1A)

Competitors

Event prediction markets

competes withnamed as a risk

We also compete against certain event prediction market or multi-listed options products, such as SPY options, which offer some of the features of our proprietary products, such as SPX options.Risk factors (Item 1A)

Places

Chicago

operates in

Cboe Options is the Company’s primary options market and offers trading in listed options through a single system that integrates electronic trading and traditional open outcry trading on the Cboe Options trading floor in Chicago.Business (Item 1)

Also named by DLR

Commodities and inputs

Euro

exposed to its price · 6.6 %named as a risk

Our operations in Europe, Canada, and Asia Pacific are subject to increased currency translation risk as revenues and expenses are denominated in foreign currencies, primarily the Euro, British pound, Canadian dollar, Australian dollar, and Japanese yen.Market risk (Item 7A)

Also named by ABBV, ABNB, ABT, ADBE, ADI, AME, AMG, AMGN and 186 more

British pound

exposed to its price · $596.3named as a risk

The assets and liabilities of our European businesses are denominated in British pounds or Euros.Market risk (Item 7A)

Also named by ABBV, ADBE, AJG, AME, AMP, APA, BF/B, BRO and 39 more

Regulators

U.S. Securities and Exchange Commission (SEC)

subject tonamed as a risk

As registered national securities exchanges, virtually all facets of our Exchange operations are subject to the SEC’s oversight, as prescribed by the Exchange Act.Business (Item 1)

Also named by AB, ADSK, AMG, AMP, ARCC, ARES, BAM, BCSF and 44 more

Commodity Futures Trading Commission (CFTC)

subject tonamed as a risk

The operations of each of CFE and Cboe SEF are subject to regulation by the CFTC under the Commodity Exchange Act (“CEA”).Business (Item 1)

Also named by AB, ADM, AGNC, AMG, BAC, BGC, BMNR, C and 35 more

FINRA

depends onnamed as a risk

If FINRA or OCC stopped providing services, or provided inadequate services, we may be subject to action by the SEC or CFTC, or may have limitations placed upon our markets.Risk factors (Item 1A)

Also named by AJG, ARES, BGC, CG, GLXY, JXN, KKR, LNC and 7 more

Financial Conduct Authority (FCA)

subject to

Our European businesses are subject to regulatory oversight in the UK by the FCA and in the Netherlands by the DNB and the AFM, which, through the “passporting” regime, provides authorization to carry on business in other Member States of the EU and the EEA in accordance with the applicable EU legislation and regulation to which our European business is subject.Risk factors (Item 1A)

Also named by AFRM, AJG, AMG, AMP, BGC, BRO, COF, CPAY and 17 more

Laws and programs

Cboe Clear Europe Credit Facility

depends on · €1.2 billionnamed as a risk

This facility is expected to terminate on June 26, 2026 and we may not be able to enter into a replacement facility on commercially favorable terms, or at all.Risk factors (Item 1A)

European Market Infrastructure Regulation (EMIR)

subject tonamed as a risk

To support EMIR 3.0, approximately sixteen non-legislative acts and guidance are being developed for adoption before coming into force in the next twelve to eighteen months and which may have a material adverse effect on our business, financial condition, and operating results.Business (Item 1)

Also named by ADM, JEF, SNEX, UGI

MiFID II / MiFIR

subject tonamed as a risk

The impact of MiFID II and MiFIR is significant, and the increased competition among market centers could reduce trading fees, while increasing our costs of operating in Europe.Risk factors (Item 1A)

Also named by NDAQ

Consolidated Audit Trail (CAT) Funding Model

subject tonamed as a risk

Portions of promissory notes related to the funding of the implementation and operation of the CAT may not be collectible.Business (Item 1)

SEC Tick Size/Access Fee Cap rule (Regulation NMS amendments)

subject tonamed as a risk

The Tick Size/Access Fee Cap rule is also likely to result in increased technology and compliance costs to Cboe, as well as potential adverse impact to Cboe’s trading volume and transaction fee revenue.Business (Item 1)

Regulation NMS Rule 611 (Order Protection Rule)

subject tonamed as a risk

While no formal proposal has been released, potential changes to Rule 611 could have serious implications for market structure, order routing practices, and the competitive dynamics among trading venues, which could materially impact our business, financial condition, and operating results.Risk factors (Item 1A)

Consolidated Data Plan

subject tonamed as a risk

If implemented as-is, the Consolidated Data Plan will reduce Cboe’s voting share in the Operating Committee for the Securities Information Processors, which in turn, may impact Cboe’s ability to influence votes on market data revenue matters.Risk factors (Item 1A)

EU consolidated tape

subject tonamed as a risk

As proposed, these provisions may have a material impact on our business, financial condition, and operating results if, for example, we must reduce the fees we charge for market data.Risk factors (Item 1A)

UK recognition of OCC as third-country CCP

subject tonamed as a risk

If the UK does not recognize OCC as a third country CCP, then UK market participants that clear through OCC would become subject to punitive capital charges.Risk factors (Item 1A)

Technology

Cboe Volatility Index (VIX)

earns fromnamed as a risk

In addition to the risks related to our exclusive licenses, if we are unable to retain exclusive proprietary rights in the VIX Index methodology and related products and indices, competitors could create substantially similar volatility indices and products or list products based on Cboe volatility indices, which could have a material adverse effect on us.Risk factors (Item 1A)